With customer service expectations rapidly rising, transformation is critical to the insurance industry. To remain competitive, insurers must focus on accurately assessing customer needs with Big Data and its cognitive capabilities. Insurers can then optimize the customer experience and retain highly valuable policyholders as well as identifying new sales opportunities.
The estimated cost of property and casualty fraud each year in the US alone is approximately $32 billion…and rising. Combating fraud is becoming harder for a variety of reasons including increases in the number of fraud attempts, greater sophistication and complexity of the fraud instances, limited in-house skills and resources to combat fraud as well as fixed budgets for anti-fraud solutions.